The Club has enjoyed a good year with Free Reserves increasing by USD 9,800 to a high of USD 390,100,000.
Given the abundance of riches, the club has been instructed by the Board to give a return of premium within the current year of 5% upon renewal. This will be credited at 20 February 2017 against that year’s premium.
The club followed Skuld into the Lloyd’s market and like them has struggled to post positive returns. That is not unexpected with a new start-up and indeed the business plan forecast these losses. The delayed start-up and the hugely competitive environment has seen those losses escalate, but the syndicate is receiving good support and better times lay ahead.
Free Reserves against premium income are at 110%.